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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Dec 04, 2002
Page
7
U.S. automakers show an overall 18 percent decline in November sales from a year earlier. General Motors posts an over 18 percent drop with car sales down about 6 percent while light trucks plunge 26.2 percent. An Ernie Patti Pontiac dealership in St Louis airs financing promotions to attract buyers.
United Airlines said it will lay off 352 pilots over the next two months to trim flying schedules. About 220 pilots will lose jobs on January 6 and 132 on February 7, reducing the pilot total by 4 percent to 7,404, with overall layoffs reaching 1,196 pilots and 9,000 employees companywide.
E-commerce surged with online holiday sales starting in mid November and accelerating through Thanksgiving week. Consumers spent 272.1 million dollars over the three day weekend, up 67 percent from the previous year, according to comScore Networks based on 1.5 million Internet users. Monday sales reached 231.5 million, up 37 percent from the prior year.
Regulators announced penalties totaling 8.25 million dollars against five Wall Street firms for not preserving emails related to office matters for the required period. Goldman Sachs, Salomon Smith Barney, Morgan Stanley, Deutsche Bank Securities and U S Bancorp Piper Jaffray agreed to pay 1.65 million each and to review record-keeping. None admitted or denied the allegations. The fines go to the U S Treasury, NYSE and NASD.
Area contractors join Perry-Lecompton school district to train students interested in construction. The program aims to provide hands-on experience and pathways into the industry, highlighting local workforce development efforts.
Lawrence faces a worsening budget picture as November sales tax receipts fall to 1.5 million, down from 1.6 million a year earlier. Total 2002 receipts sit at 16.28 million versus 16.42 million in 2001, with officials forecasting limited impact from idle funds and state demand transfers.
AOL Time Warner forecasts a 40 to 50 percent drop in advertising and other non subscriber income in 2003 while vowing to maintain 2002 revenue levels. It will push exclusive content from divisions like People Warner Bros CNN and HBO to retain customers amid ongoing investigations and flat overall revenues.
Wall Street retreated after AOL Time Warner issued a weak outlook amid Iraq War uncertainty. Dow components Merck and Intel fell ahead of earnings and mid quarter updates while AOL Time Warner edged down to 14.2 dollars. New CEO Jon Miller outlined a refocus on member satisfaction and exclusive CNN content plus plans for more broadband options and cross platform collaborations.
Boeing Wichita engineers vote on a tentative contract after Seattle approved a deal. SPEEA represents 1,300 Wichita engineers with a meeting at 5 p.m. to review terms, voting to begin after and expected by about 9 p.m. The package includes 4 percent annual raises, 6 percent ratification bonus, and higher health costs with a 4.5 percent minimum. The current SPEEA contract expires Thursday at midnight.
Four companies agreed to repay customers 300000 to settle FTC charges that they sold fake Internet addresses ending in usa with a September 11 ads. They marketed usa domains as patriotic but the names were unusable. The FTC prohibits deceptive promotions and sale of customer lists.
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